Pension information

[KearsargeCoop]

Discussion came up this morning centering around making sure your spouse is listed as a benefactor for your pension if something were to happen...I did not know where to point people.
Any guidance would be appreciated.

 

[qdg2]

Here, you have to choose a spousal option at retirement. This nets you less overall till you die. Then wife gets that percentage for life. So, if you divorce both of you will get less. So on. If you die....and not retired....you get nada. Because you aren't retired....as I understand it.

 

[UnionStrong]

Discussion came up this morning centering around making sure your spouse is listed as a benefactor for your pension if something were to happen...I did not know where to point people.
Any guidance would be appreciated.

If you die before retirement, your wife gets about half what you’re pension is. That’s how it is in my plan. You have to be vested of course. Call your pension fund.

 

[qdg2]

If you die before retirement, your wife gets about half what you’re pension is. That’s how it is in my plan. You have to be vested of course. Call your pension fund.

Great advice.

 

[UnionStrong]

Great advice.

Plans vary

 

[rod]

We had 2 choices. Put her on it at a reduced rate for you (about a third less per month) --- or keep her off and get the full amount of your pension every month. Most opted for the full amount and got a couple of hundred thousand bucks worth of life insurance policy on yourself so in case you die she has money to play with while spending your life savings and looking for a new husband.

 

[KearsargeCoop]

We had 2 choices. Put her on it at a reduced rate for you (about a third less per month) --- or keep her off and get the full amount of your pension every month. Most opted for the full amount and got a couple of hundred thousand bucks worth of life insurance policy on yourself so in case you die she has money to play with while spending your life savings and looking for a new husband.

Prefect thanks

 

[DELACROIX]

In my area (Central) if you die before retirement your spouse gets half.

Don’t know when they will be able to collect, presumably at age 65 if the deceased is not eligible for an early retirement.

So many plans out there and vary according to benefits and conditions... so it is good advice to check into it through your local Union.

 

[KearsargeCoop]

In my area (Central) if you die before retirement your spouse gets half.

Don’t know when they will be able to collect, presumably at age 65 if the deceased is not eligible for an early retirement.

So many plans out there and vary according to benefits and conditions... so it is good advice to check into it through your local Union.

We are central as well. Thanks for the input.

 

[Its_a_me]

We had 2 choices. Put her on it at a reduced rate for you (about a third less per month) --- or keep her off and get the full amount of your pension every month. Most opted for the full amount and got a couple of hundred thousand bucks worth of life insurance policy on yourself so in case you die she has money to play with while spending your life savings and looking for a new husband.

Newsflash: in all but a few cases she doesn't need to look. She's already got an established routine to hustle the side guy out the door before you are done with your 9.5 hour day--if you are lucky.

Do you think she really does nothing for the extra 1.5 hours minimum that you work that she doesn't (and even more if she's stay at home)? That's pre-internet thinking. Today's smartphone brings endless possibilities with just the swipe of a finger. And if you still think otherwise look at the divorce rates up 109% for people 50 and older in the last 15 years.

Now you'll be around her for an additional 10 hours a day...

Why do you think it is a running joke that the day you file your retirement papers is the day you get served with divorce papers around here?

That is why you lease not buy certain things in life.

 

[nWo]

We had a feeder driver work well into his 80s just so his ex-wife couldn't collect on his pension.

 

[Wally]

Our pension gives a 10 year payout at the single rate should you expire before retirement. Works out to around $500k.

 

[retiredTxfeeder]

When I retired, I chose the spousal option at a lower rate. I wanted to receive 100%. However, I was overruled by my better half. If she predeceases me, I will revert back to 100% supposedly.

 

[qdg2]

When I retired, I chose the spousal option at a lower rate. I wanted to receive 100%. However, I was overruled by my better half. If she predeceases me, I will revert back to 100% supposedly.

Sure about that?

I've "heard" differently....like SSI....once you declare you live with it....for life.

What's interesting...You can ask several folks who have retired in your center/district...they all have different versions. Seems like a don't ask/don't tell....a code. LOL. Weird.

 

[Coldworld]

Sure about that?

I've "heard" differently....like SSI....once you declare you live with it....for life.

What's interesting...You can ask several folks who have retired in your center/district...they all have different versions. Seems like a don't ask/don't tell....a code. LOL. Weird.

The west has this as an option to pick from…Theres a name for it.. maybe @542thruNthru will remember it.

 

[UnionStrong]

When I retired, I chose the spousal option at a lower rate. I wanted to receive 100%. However, I was overruled by my better half. If she predeceases me, I will revert back to 100% supposedly.

My plan also offers that, states clearly, if your spouse dies it reverts to the full amount for you.

 

[UnionStrong]

Sure about that?

I've "heard" differently....like SSI....once you declare you live with it....for life.

What's interesting...You can ask several folks who have retired in your center/district...they all have different versions. Seems like a don't ask/don't tell....a code. LOL. Weird.

I don’t care what you “heard”, it’s a fact. Its in black and white in the forms you fill out to retire. Try doing a little research.

 

[542thruNthru]

The west has this as an option to pick from…Theres a name for it.. maybe @542thruNthru will remember it.

Sorry brother but I don't know that one.

 

[qdg2]

I don’t care what you “heard”, it’s a fact. Its in black and white in the forms you fill out to retire. Try doing a little research.

It can be a "fact" in some plans. I'll research it when ready. Thanks.

Interesting the OP(RTXFDR) didn't know and he is retired!

When I retired, I chose the spousal option at a lower rate. I wanted to receive 100%. However, I was overruled by my better half. If she predeceases me, I will revert back to 100% supposedly.

So, why assess the penalty in the first place? You gonna get that lost money back?

 

[BrownFlush]

If you died before retiring, your wife was sol.
If you took the full pension, died one year later, the spouse would get 4 years of your pension.(5yr. deal)
If you took the spouse survival deal, the amount was cut closer to half than a third.
If you took the full amount of your pension, the first month you qualified, said FM to everyone and everything and bought a life ins. policy, you won.